Warner Bros. Discovery Says It's Exploring Options Beyond Split
Warner Bros. Discovery said Tuesday that while it continues to pursue its split of Warner Bros. and Discovery Global, it also has started looking at alternatives in light of unsolicited offers from multiple parties either for WB or the entire company. Options under consideration include a transaction for the whole company, separate transactions for its WB or Discovery businesses, or a merger of WB plus a spinoff of Discovery to shareholders, WBD said. There's no deadline or timetable for completing the alternatives review process, it added. The company's split, announced in June (see 2506090024), is expected to be completed by mid-2026.
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MoffettNathanson wrote investors that other than Paramount Skydance, Comcast is the most likely company to submit a formal bid for some or all of WBD. However, Comcast could face regulatory and political headwinds because it's "badly disfavored by the current administration." Recent critical commentary from the White House and FCC about Comcast means the company's success in any acquisition "seems nearly unthinkable," MoffettNathanson said, noting that Comcast might still explore a deal for WBD's streaming and studio assets. Netflix, Amazon and Apple aren't nearly as likely to place formal bids, it added.